SEN. Bong Go filed Senate Bill 685 on July 16, which seeks the creation of a National Housing Development, Production and Financing Program.
Go said the measure aims to meet the country’s growing social housing demands, particularly among underprivileged and homeless citizens., This news data comes from:http://wuw-wjvk-jo-apb.jyxingfa.com
Under the bill, the Department of Human Settlements and Urban Development, supported by shelter agencies, would lead the program’s implementation.
Go files housing development bill
The accompanying explanatory statement said the measure “allows local governments to levy a half-percent socialized housing tax on urban land values, with proceeds dedicated to socialized housing and public rental projects.”
”In addition, the bill introduces securitization mechanisms to raise more housing funds through bonds and securities exempted from usual taxes and registration requirements. Private developers will also be incentivized to participate in socialized and low-cost housing projects, with such participation counted toward compliance with balanced housing laws,” it added.
- ‘Lannie’ will bring rain showers, thunderstorms over North Luzon —Pagasa
- ‘New NBI chief must be career official’
- Pope demands end to 'collective punishment' and forced displacement of Palestinians in Gaza
- US Spirit Airlines files for bankruptcy again
- Marcos expresses support for ‘beleaguered’ Cabinet members
- Rains over Metro Manila, parts of PH as LPA may develop into 'short-lived' tropical depression
- UK, Japan, South Korea endure hottest summer on record
- Trump hails Department of War rebrand as 'message of victory'
- Comelec probes 15 contractors for illegal campaign donations
- Sen. Pangilinan Advocates for Credit-Worthy Farmers to Boost Agriculture Sector
